Sector note
14
October
Banking – Note – [NEUTRAL] – Circular 14 on capital adequacy ratio
The State Bank of Vietnam (SBV) has issued Circular 14/2025, which takes effect on September 15, 2025, and will officially replace Circular 41/2016 on January 1, 2030, though banks that...
22
August
Seafood – Note – [NEUTRAL] – A clearer picture emerges
Pangasius: Exports in 2Q25 rose 11.5% yoy to USD559mn, led by the US (+12.5%) and Brazil (+10%), while China (-0.5%) and EU (-3%) weakened. Industry profits improved, with VHC's NPAT-MI...
22
August
Retail – Notes – [NON-RATED] – Minimarts drive the growth
In 2Q25, we see the consumer demand generally stayed flat compared to 1Q25. In 2H25F, we think minimarts would continue to be the spotlight that drive the growth of the...
13
August
Banking – Note – [NEUTRAL] – Moving towards sustainable growth
Aggregated 2Q25 PBT (27 listed banks) surged +17.6%yoy. The business results resulted from 1) robust credit growth, 2) a surge in investment activities, 3) higher other incomes, and 4) controllable...
13
August
Aviation – Note – [NONRATED] – Airlines took spotlight
Vietnam’s aviation sector saw strong 2Q25 growth across airports, airlines, and aviation services, driven by domestic recovery, surging China-related travel, and lower fuel costs. With expanded visa exemptions, government events,...
07
August
Securities – Note – [NONRATED] – Strong 2Q25 earnings driven by a robust market
2Q25 total operating income increased 23.3% yoy, +34.7% qoq driven by rising investment income (+39.9% yoy, +42.9% qoq) and lending income (+24.3% yoy, +12.1% qoq). Margin loan balance hit the...
02
June
Aviation – Note – [NONRATED] – Sweet spot
Vietnam's air travel sector saw a 6%YoY increase in both passengers and traffic in 1Q25, driven by a strong rebound in domestic travel and continued international growth, especially from China....
16
May
Retail – Note – [NONRATED] – Better or worsen depends on macro conditions
In 1Q25, consumer demand showed signs of recovery supported by strong macroeconomic growth, benefiting ICT-CE retailers like MWG and FRT; however, outlook for the rest of 2025 remains cautious amid...
09
May
Securities – Note – [NONRATED] – Waiting for “Upgrading” theme
In 1Q25, aggregated NPAT was flat yoy at VND6.2tn (-1.9% yoy, +20.9% qoq). Margin loan balance hit the new record to VND267tn (+37.42 yoy). The margin lending rate in domestic-owned...
Featured Analysis
Market commentary: Selling pressure
Derivatives: Selling pressure intensifies
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
Market commentary: Market recovery
Derivatives: Waiting for further confirmation
DPM- Brief – [NONRATED] – 3Q25: Benefiting from Selling Prices
Derivatives: Bullish piercing pattern
